PAT Jumps 39.7% YoY To Rs 9,648 Crore In ICICI Bank’s First Quarter Results, NII Up 38%
The first quarter of FY24, which concluded in June 2023, saw ICICI Bank’s net profit increase by 39.7% year over year (YoY) to Rs 9,648 crore. Its net interest income (NII) from April to June 2023 increased 38% to Rs 18,227 crore from Rs 13,210 crore the previous year.
In the first quarter of FY23, the private sector bank’s net profit was Rs 6,905 crore.
According to a regulatory filing, ICICI Bank’s net interest margin for the first quarter of FY24 was 4.78 percent, up from 4.01 percent in the first quarter of FY23 and 4.90 percent in the fourth quarter of FY23.
“Core operating profit increased by 35.2% year over year to Rs 13,887 crore ($1.7 billion) in Q1-2024 from Rs 10,273 crore ($1.3 billion) in the quarter ended June 30, 2022, (Q1-2023); core operating profit increased by 37% year over year in Q1-2024 excluding dividend income from subsidiaries/associates,” ICICI Bank stated in the filing.
The quality of the bank’s assets somewhat improved. At June 30, 2023, it had a gross NPA ratio of 2.76 percent, down from 2.81 percent at March 31, 2023. In comparison to 0.48 at March 31, 2023, and 0.70 at June 30, 2022, the bank’s net NPA ratio was 0.48 at June 30, 2023.
In comparison to the minimal regulatory standards of 11.70% and 9.70%, respectively, the bank’s overall capital adequacy ratio at June 30, 2023, including earnings for Q1-2024, was 17.47%, and Tier-1 capital adequacy was 16.76%.
Its provisions (excluding tax provisions) were Rs 1,292 crore ($157 million) in the first quarter of 2024 as opposed to Rs 1,144 crore ($139 million) in the first quarter of 2012.
In Q12024, the bank’s fee revenue increased by 14.1% year over year to Rs 4,843 crore ($590 million) from Rs 4,243 crore ($517 million).
The typical CASA (current account saving account) ratio for ICICI Bank for the three months ending in June 2023 was 42.6%.
Its total deposits as of June 30, 2023, which were Rs 12,38,737 crore ($151.0 billion), were up 17.9% year over year and 4.9% sequentially.
At June 30, 2023, its net domestic advances increased by 4.0 percent sequentially and 20.6 percent annually. The retail loan portfolio at June 30, 2023, which made up 54.3% of the entire loan portfolio, increased by 21.9% annually and 4.5% sequentially.
At June 30, 2023, ICICI Bank had a network of 6,074 branches, 16,731 ATMs, and cash recycling machines after adding 174 branches during the quarter.
In the first quarter of 2024, ICICI Bank’s earnings after tax grew 44% year over year to Rs 10,636 crore ($1.3 billion) from Rs 7,385 crore ($900 million) in the same period in 2012. From Rs 17,42,777 crore ($212.4 billion) at June 30, 2022, its consolidated assets increased by 17% year over year to Rs 20,39,897 crore ($248.6 billion) at June 30, 2023.
